Parties to commercial agreements sometimes need a short and specific legally binding agreement without long and protracted litigation between their lawyers.
An IO is a one- or two-page agreement that summarizes the most basic terms agreed upon between the parties: names of the parties and their representatives, service required, compensation, until when defects can be reported, whether payment is transferred when no collection has been made, payment terms and other special conditions.
Sometimes the IO will refer to another general agreement common in the industry (such as IAB), to another agreement between the parties, or to a link that contains other general conditions.
Tal Ron, Drihem & Co., Law Firm
Hitech, Financial and Gaming Law
28 Ha’arbaa St., Northern Entrance,
34th Floor (Tal Ron Group)
P.O.B. 20010 | Tel Aviv 6120001 | Israel